MainStay Mid Cap Value Fund

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MainStay Mid Cap Value Fund

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> Holdings

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Fund Performance

Share Class (Inception)
Category: Equity	YTD %	1 Year %	3 Year %	5 Year %	10 Year %	Since Incep. %
Average Annual Total Returns as of 04/30/2008
NAV:
Class A (06/01/1998)	-1.17	-10.11	7.28	11.96	n/a	9.86
Class INV (02/28/2008)	-1.17	-10.11	7.28	11.96	n/a	9.86
Class B (06/01/1998)	-1.39	-10.77	6.50	11.13	n/a	9.05
Class C (09/01/1998)	-1.31	-10.72	6.50	11.13	n/a	9.05
With Sales Charges:
Class A (06/01/1998)	-6.60	-15.05	5.28	10.70	n/a	9.24
Class INV (02/28/2008)	-6.60	-15.05	5.28	10.70	n/a	9.24
Class B (06/01/1998)	-6.32	-14.50	5.78	10.87	n/a	9.05
Class C (09/01/1998)	-2.30	-11.47	6.50	11.13	n/a	9.05
Average Annual Total Returns as of 03/31/2008
NAV:
Class A (06/01/1998)	-6.14	-11.10	3.00	12.19	n/a	9.38
Class INV (02/28/2008)	-6.14	-11.10	3.00	12.19	n/a	9.38
Class B (06/01/1998)	-6.31	-11.79	2.24	11.38	n/a	8.56
Class C (09/01/1998)	-6.24	-11.73	2.24	11.36	n/a	8.56
With Sales Charges:
Class A (06/01/1998)	-11.30	-15.99	1.08	10.93	n/a	8.75
Class INV (02/28/2008)	-11.30	-15.99	1.08	10.93	n/a	8.75
Class B (06/01/1998)	-11.00	-15.48	1.55	11.12	n/a	8.56
Class C (09/01/1998)	-7.18	-12.47	2.24	11.36	n/a	8.56
Performance data quoted represents past performance. Past performance is no guarantee of future results. Due to market volatility, current performance may be less or higher than the figures shown. Investment return and principal value will fluctuate so that upon redemption, shares may be worth more or less than their original cost. Performance data shown at NAV does not reflect the deduction of the sales load, which, if reflected, would reduce the performance quoted.
Class A & INV: 5.5% maximum initial sales charge. Class B: CDSC up to 5% if redeemed within six years. Class C: 1% CDSC if redeemed within one year. Class I: No initial sales charge or CDSC, generally available to corporate & institutional investors with a minimum initial investment of $5 million. Class R1 & R2: No initial sales charge or CDSC, available only through corporate-sponsored retirement programs, which include certain minimum program requirements. Gross Expenses: Class A 1.29%, INV 1.42%, B 2.14%, C 2.14%, R1 0.92%, R2 1.16%, I 0.81%

Growth of a Hypothetical $10,000 Investment at NAV

Class A shares 06/01/1998 to 03/31/2008. Based on total returns with reinvestment of distributions and does not reflect the effect of any sales charges, which would reduce performance shown. Performance for Class B and C shares will differ based on differences in their sales charges and expense structures. The Russell Midcap^® Value Index is an unmanaged index that measures the performance of those Russell Midcap companies with lower price-to-book ratios and lower forecasted growth values. Results assume the reinvestment of all capital gain and dividend distributions. An investment cannot be made directly into an index.

Investment Advisor

MainStay is a division of New York Life Investment Management LLC (NYLIM), a world-class financial services organization that with its affiliates has more than $246 billion in assets under management as of March 31, 2008. NYLIM is the Investment Advisor for all MainStay Funds and serving as manager, runs the Funds' day-to-day business.

Investment Subadvisor

The Investment Advisor has delegated its portfolio management responsibilities for this Fund to its Investment Subadvisor, MacKay Shields LLC. MacKay Shields has specialized in money management for over 30 years, serving institutional and corporate clients.

Portfolio Manager(s)

Mark T. Spellman
Mr. Spellman currently manages the MainStay Small Cap Value and Mid Cap Value Funds. He joined MacKay Shields in 1996 and is currently a Director at the firm. Prior to joining MacKay Shields, Mr. Spellman was a research analyst and market strategist at Deutsche Bank and Portfolio Manager with Prudential Equity Management Associates.

Richard A. Rosen, CFA
Mr. Rosen has managed MainStay Value and Mid Cap Value Funds since 1999. He also manages the MainStay Total Return Fund. Mr. Rosen is Senior Managing Director of MacKay Shields and Head of the Value Equity Division. He joined MacKay Shields in January 1999 after working as a Managing Director and Equity Portfolio Manager at Prudential Investments from August 1991 to January 1999. Prior to that, Mr. Rosen spent five years with Marine Midland Bank where he was a Senior Portfolio Manager and Vice President. Earlier in his career, he was a Municipals Securities Officer at Summit Bancorporation and an Account Executive at Merrill Lynch, Pierce, Fenner, & Smith, Inc. in New York. Mr. Rosen received a B.A. from Drew University and an M.B.A. from Boston University Graduate School of Management. He has been in the investment management and research industry since 1984 and is a Chartered Financial Analyst.

Fund Objective

To realize maximum long-term total return from a combination of capital appreciation and income.

Investment Strategy

>	The Fund invests primarily in common stocks and other income-producing equity securities the subadvisor believes are undervalued at the time of purchase.
>	The Fund seeks securities that pay cash dividends.
>	The subadvisor uses careful fundamental research, considering such factors as relative valuation, future earnings growth prospects, ability to grow dividends, and corporate management.
>	Using strict buy and sell disciplines and diversification guidelines, the subadvisor pursues total return opportunities while seeking to manage risk.

Fund Statistics

	Class A	Class INV	Class B	Class C
Total Net Assets	91.0M	34.9M	98.5M	25.4M
Beta¹	0.96	0.96	0.96	0.96
Standard Deviation²	11.34	11.34	11.33	11.30
Number of Holdings	72
Purchases	$1,000 minimum initial investment, $50 subsequent

Investor Profile

>	Investors seeking the growth potential of stocks and the income potential of equities that pay dividends.
>	Investors seeking a solid growth-and-income component to broaden their portfolio diversification.
>	Long-term investors who seek growth potential and need income along the way.
>	Investors who believe that combining growth potential and income may help reduce portfolio risk.

Why Value Stocks?

Value stocks may be overlooked securities with strong recovery potential.

¹Beta is a measure of historical volatility relative to an appropriate index based on its investment objective. A beta greater than 1.00 indicates volatility greater than the market's. Beta shown is based on monthly returns over the last three years.
²Standard Deviation measures how widely dispersed a fund's returns have been over a specified period of time (five years). A high standard deviation indicates that the range is wide, implying greater potential for volatility.

What You Should Know

View the Prospectus

This mutual fund may be offered and sold only to persons in the United States. Please contact your investment professional or call 800-MAINSTAY (624-6782) for a prospectus or download it now. Please consider the investment objectives, risks, and charges and expenses of the investment carefully before investing. The prospectus contains this and other information about the investment company. Please read it carefully before you invest.

NYLIFE Distributors LLC, 169 Lackawanna Avenue, Parsippany, NJ 07054.

These products are not federally insured or guaranteed by the U.S. government, the Federal Deposit Insurance Corporation, or similar agency.

All total returns are shown both with and without their maximum sales charge and assume capital gain and dividend distributions are reinvested.

Class A and R2 shares have an annual 12b-1 fee of .25%. Class B and C shares have an annual 12b-1 fee of 1.00%. Class I and R1 shares have no annual 12b-1 fee.

Performance figures reflect certain fee waivers and/or expense limitations, without which total returns may have been lower. The fee waivers and/or expense limitations are voluntary and may be discontinued at any time. Performance for Class C shares, first offered 9/1/98, includes the historical performance of Class B shares from inception (6/1/98) through 8/31/98 adjusted to reflect the applicable CDSC and fees and expenses for such shares. Performance for Class I shares, first offered 1/2/04, includes the historical performance of Class A shares from inception through 12/31/03 adjusted to applicable reflect the fees and expenses for such shares.

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>	First Offered
	Class A: 06/01/98
	Class INV: 02/28/08
	Class B: 06/01/98
	Class C: 09/01/98

>	Nasdaq Symbol
	Class A: MYIAX
	Class INV: MMIIX
	Class B: MEIBX
	Class C: MCEIX

>	Cusip Number
	Class A: 56062F491
	Class INV: 56062X427
	Class B: 56062F483
	Class C: 56062F277

>	Fund Number
	Class A: 111
	Class INV: 2556
	Class B: 164
	Class C: 121

>	Download Prospectus
>	View Fact Sheet
>	Access Annual / Semiannual Report

>	Morningstar Style Box^TM

The Morningstar Style Box^TM reveals a fund's investment strategy. The vertical axis shows the market capitalization of the stocks owned and the horizontal axis shows the investment style (value, blend, or growth).

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